Chapter 10Real-Life Issues of Managing Compliance in Financial Services

“All I want is compliance with my wishes, after reasonable discussion.”

—Winston S. Churchill

“God gives nuts, but he does not crack them.”

—German proverb

The first four parts of the book cover the various facets of compliance and compliance risk management. They can help develop a better, more holistic and active compliance management construct that will provide a rock-steady foundation for value-creation, value-sustenance, and healthy growth of the organization. This part looks at the challenges and on-the-ground issues that organizations come across in operationalizing them.

As a young discipline that is being forced to run even before it learns to stand up and walk, compliance risk faces some teething troubles and operational challenges that cannot just be brushed under the carpet. These practical issues that compliance function is confronted with hinder a full-throttle progress in the desired direction and therefore require attention. This part focuses on some of those real-life issues that compliance function and compliance personnel of firms face.

Myths vs. Reality

“You never get a second chance to make a good first impression” is an expression made famous by Harlan Hogan, the voice actor. It is strangely apt in the context of compliance. In its early days, compliance was seen as a must-do or at least appear-to-do and get it done with. Like audit, compliance is a function others in the firm like ...

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